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| copyright Hindustan Times, Delhi |
Wednesday, 29 July 2020
Oil edges up after sharp U.S. crude inventory drop - Reuters
Oil edges up after sharp U.S. crude inventory drop - Reuters:
Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.
Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.
U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December.
Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.
Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.
Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.
U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December.
Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.
MIDEAST STOCKS- #Kuwait leads most of Gulf lower; Egypt edges up - Reuters
MIDEAST STOCKS-Kuwait leads most of Gulf lower; Egypt edges up - Reuters:
Most bourses in the Gulf ended lower on
Wednesday, ahead of Eid Al-Adha holidays, with Kuwaiti shares
falling the most as investors shunned stocks across the board.
Many investors prefer to cash in holdings ahead of the Eid
holiday, which lasts for at least three days in most Gulf
countries.
In Kuwait, the index declined 1.3% as most of its
constituents ended in negative territory, including Kuwait
Finance House, which was down 2.4%.
Dubai's main share index dropped 0.7%, with the
country's biggest sharia-compliant lender Dubai Islamic Bank
and blue-chip developer Emaar Properties
both shedding 0.8%.
Emirates Integrated Telecommunications (du)
retreated 1.4% as the stock traded ex-dividend.
In Abu Dhabi, the index lost 0.5%, driven down by a
1.5% drop in Emirates Telecommunications Group and
a 0.4% decrease in First Abu Dhabi Bank (FAB).
Most bourses in the Gulf ended lower on
Wednesday, ahead of Eid Al-Adha holidays, with Kuwaiti shares
falling the most as investors shunned stocks across the board.
Many investors prefer to cash in holdings ahead of the Eid
holiday, which lasts for at least three days in most Gulf
countries.
In Kuwait, the index declined 1.3% as most of its
constituents ended in negative territory, including Kuwait
Finance House, which was down 2.4%.
Dubai's main share index dropped 0.7%, with the
country's biggest sharia-compliant lender Dubai Islamic Bank
and blue-chip developer Emaar Properties
both shedding 0.8%.
Emirates Integrated Telecommunications (du)
retreated 1.4% as the stock traded ex-dividend.
In Abu Dhabi, the index lost 0.5%, driven down by a
1.5% drop in Emirates Telecommunications Group and
a 0.4% decrease in First Abu Dhabi Bank (FAB).
#Kuwait Pension Fund Posts Record First-Quarter Investment Profit - Bloomberg
Kuwait Pension Fund Posts Record First-Quarter Investment Profit - Bloomberg:
Kuwait’s Public Institution for Social Security posted a record first-quarter investment profit following a reboot of its strategy as the pension fund put behind a corruption scandal involving a previous manager.
The fund, which owns 25% of U.S. private equity firm Stone Point Capital LLC, had an investment profit of $7.3 billion in the three months through June, it said in a statement. That compares with about $4.4 billion for the fiscal year through March 2019, when it last released data.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades.
The performance is “undoubtedly a turning point” for the institution, which is “reaping the fruits” of its new investment strategy, Raed Al-Nisf, deputy general manager for investments and operations, said in the statement.
Kuwait’s Public Institution for Social Security posted a record first-quarter investment profit following a reboot of its strategy as the pension fund put behind a corruption scandal involving a previous manager.
The fund, which owns 25% of U.S. private equity firm Stone Point Capital LLC, had an investment profit of $7.3 billion in the three months through June, it said in a statement. That compares with about $4.4 billion for the fiscal year through March 2019, when it last released data.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades.
The performance is “undoubtedly a turning point” for the institution, which is “reaping the fruits” of its new investment strategy, Raed Al-Nisf, deputy general manager for investments and operations, said in the statement.
Oil prices gain on sharp U.S. crude inventory drop - Reuters
Oil prices gain on sharp U.S. crude inventory drop - Reuters:
Oil prices edged up on Wednesday after a steep drop in U.S. crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.
Brent crude futures LCOc1 gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). U.S. West Texas Intermediate crude futures CLc1 were up 18 cents to $41.22.
U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December.
Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.
Oil prices edged up on Wednesday after a steep drop in U.S. crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.
Brent crude futures LCOc1 gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). U.S. West Texas Intermediate crude futures CLc1 were up 18 cents to $41.22.
U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December.
Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#AbuDhabi Commercial Bank Q2 net profit down 15% as impairments rise | ZAWYA MENA Edition
Abu Dhabi Commercial Bank Q2 net profit down 15% as impairments rise | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank posted a 15% drop in second-quarter net profit due to higher impairment costs, including to cover its exposure to troubled hospital operator NMC Health, it said on Wednesday.
Net profit at the United Arab Emirates' third-largest bank fell to 1.23 billion dirhams ($334.9 million) from 1.45 billion a year earlier.
Impairment charges in the first half rose to 2.55 billion dirhams from 1.17 billion a year earlier.
With exposure of about $981 million, ADCB was a major lender to NMC Health, which went into administration this year after months of turmoil following questions over its financial reporting.
Abu Dhabi Commercial Bank posted a 15% drop in second-quarter net profit due to higher impairment costs, including to cover its exposure to troubled hospital operator NMC Health, it said on Wednesday.
Net profit at the United Arab Emirates' third-largest bank fell to 1.23 billion dirhams ($334.9 million) from 1.45 billion a year earlier.
Impairment charges in the first half rose to 2.55 billion dirhams from 1.17 billion a year earlier.
With exposure of about $981 million, ADCB was a major lender to NMC Health, which went into administration this year after months of turmoil following questions over its financial reporting.
#Sharjah real estate deals stave off COVID-19 with 4.1% gain | Property – Gulf News
Sharjah real estate deals stave off COVID-19 with 4.1% gain | Property – Gulf News:
Sharjah city precincts remain the most popular spots for investors, with 1,030 deals being recorded in these areas over the first six months of 2020.
In all, the emirate saw 28,170 transactions, valued at Dh6.2 billion, eking out a 4.1 per cent gain over last year. This came about even as efforts were on in full tilt to contain the COVID-19 outbreak.
Sharjah came out with stimulus packages, and that too seems to have reassured investors. "These included a three-month exemption from annual fees for economic establishments," said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department. "The decisions covered all aspects of institutional and community work.
“His Highness has always been keen to build up a real estate sector capable of overcoming tough situations and challenges, including the ongoing COVID-19 outbreak.”
Sharjah city precincts remain the most popular spots for investors, with 1,030 deals being recorded in these areas over the first six months of 2020.
In all, the emirate saw 28,170 transactions, valued at Dh6.2 billion, eking out a 4.1 per cent gain over last year. This came about even as efforts were on in full tilt to contain the COVID-19 outbreak.
Sharjah came out with stimulus packages, and that too seems to have reassured investors. "These included a three-month exemption from annual fees for economic establishments," said Abdul Aziz Ahmed Al Shamsi, Director General of the Sharjah Real Estate Registration Department. "The decisions covered all aspects of institutional and community work.
“His Highness has always been keen to build up a real estate sector capable of overcoming tough situations and challenges, including the ongoing COVID-19 outbreak.”
Middle East News: Doha Bank CEO Says Worst of Covid Slump Is Over - Bloomberg
Middle East News: Doha Bank CEO Says Worst of Covid Slump Is Over - Bloomberg:
Doha Bank QPSC said the worst of the shock from the coronavirus pandemic and a slump in oil prices has already been reflected on the Qatar lender’s balance sheet.
“We look forward to reset the button as and when the world reaches normalcy,” Chief Executive Officer Raghavan Seetharaman said in an interview on Bloomberg TV on Wednesday.
The lender on Tuesday reported a 3.5% decline in its net income for the first half of the year.
Doha Bank QPSC said the worst of the shock from the coronavirus pandemic and a slump in oil prices has already been reflected on the Qatar lender’s balance sheet.
“We look forward to reset the button as and when the world reaches normalcy,” Chief Executive Officer Raghavan Seetharaman said in an interview on Bloomberg TV on Wednesday.
The lender on Tuesday reported a 3.5% decline in its net income for the first half of the year.
The CEO also said:
- “We have reasons to believe we will get support from the central bank” if needed because the lender has “enough tools” in its armory, including sovereign securities, to back a request.
- The firm’s dividend forecast “is in line with the projections of what we submitted. We are going to be conservative and cautious in terms of risk measurements.”
- The bank’s strategy to de-risk includes improving cost efficiency, focusing on using digital technology, restructuring debt and ensuring it has enough liquidity.
- 95% of Doha Bank’s lending will be in Qatar.
MENA fund managers to increase #Saudi investments with eye to recovery: Reuters poll - Reuters
MENA fund managers to increase Saudi investments with eye to recovery: Reuters poll - Reuters:
Middle Eastern fund managers plan to increase investments in Saudi Arabia in the current quarter, according to a Reuters poll, betting on the kingdom’s ability to bounce back from the coronavirus and low oil price shocks.
The region, which has imposed strict lockdown measures as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend to help support their economies.
Half of the eight fund managers polled by Reuters said they would increase their allocations in Saudi Arabia, the Gulf’s largest economy.
While Saudi Arabia’s main stock index .TASI is down 11% this year, it is up 3.25% this quarter. In a separate Reuters poll this month, the oil producer’s GDP was seen shrinking 5.2% this year, before rebounding next year.
Middle Eastern fund managers plan to increase investments in Saudi Arabia in the current quarter, according to a Reuters poll, betting on the kingdom’s ability to bounce back from the coronavirus and low oil price shocks.
The region, which has imposed strict lockdown measures as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend to help support their economies.
Half of the eight fund managers polled by Reuters said they would increase their allocations in Saudi Arabia, the Gulf’s largest economy.
While Saudi Arabia’s main stock index .TASI is down 11% this year, it is up 3.25% this quarter. In a separate Reuters poll this month, the oil producer’s GDP was seen shrinking 5.2% this year, before rebounding next year.
Oil prices edge higher as U.S. inventory drop counters demand concerns tied to COVID-19 - Reuters
Oil prices edge higher as U.S. inventory drop counters demand concerns tied to COVID-19 - Reuters:
Oil prices climbed on Wednesday after a surprise drop in U.S. crude inventories was enough to offset concerns about U.S. fuel demand amid record increases in COVID-19 infections in some states.
Brent crude futures LCOc1 were up by 18 cents, or 0.4%, at $43.40 a barrel by 0644 GMT. U.S. West Texas Intermediate crude futures CLc1 gained 12 cents, or 0.3%, to $41.16 a barrel.
Inventories of crude oil in the United States dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.
Analysts’ expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.
Oil prices climbed on Wednesday after a surprise drop in U.S. crude inventories was enough to offset concerns about U.S. fuel demand amid record increases in COVID-19 infections in some states.
Brent crude futures LCOc1 were up by 18 cents, or 0.4%, at $43.40 a barrel by 0644 GMT. U.S. West Texas Intermediate crude futures CLc1 gained 12 cents, or 0.3%, to $41.16 a barrel.
Inventories of crude oil in the United States dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.
Analysts’ expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
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